Who Has the Cheapest Auto Insurance Quotes in Memphis, TN?
Find Cheap Auto Insurance Quotes in Memphis
State Farm has the cheapest auto insurance in Memphis, Tenn.
Policies cost $35 per month for minimum coverage, on average, and $86 per month for full coverage. That's at least 35% cheaper than the citywide average.
Car insurance in Memphis tends to be more expensive than in other parts of Tennessee. In Tennessee's second-largest city, the average rate for minimum coverage car insurance is $54 per month, which is 46% higher than the state average overall. The best way to find the cheapest rates is to shop around for a company that has the best rates for you.
Best cheap car insurance in Memphis
Car insurance rates vary based on your driving history, your age, where you live, your credit score and several other factors. That's why comparing personalized quotes is the best way to find the insurance company that has the cheapest rates based on your personal details.
Cheapest auto insurance in Memphis: State Farm
The average cost of car insurance in Memphis is $54 per month, or $642 per year, for minimum liability.
State Farm has the cheapest car insurance in Memphis, with a minimum coverage policy costing $35 per month.
Minimum coverage policies from State Farm cost 29% less than the next cheapest company, Geico. They cost 35% less than the average rate in Memphis.
Find Cheap Auto Insurance Quotes in Memphis
USAA also has cheap car insurance quotes, averaging $29 per month for minimum coverage. However, USAA is only available to current and former military members and their families.
Cheapest car insurance quotes in Memphis, TN
Company | Monthly rate | |
|---|---|---|
| State Farm | $35 |
| Geico | $49 |
| Farm Bureau | $50 |
| Erie | $56 |
| Travelers | $62 |
USAA is only available to current and former military members and their families.
If you have a newer or more expensive car, it's usually worth it to pay more for a full coverage policy.
The rule of thumb is that full coverage car insurance is worth it if your car is less than 10 years old or has a value of more than $5,000.
A minimum liability policy will save money in the short term, but it will leave your vehicle unprotected. If you cause an accident or your vehicle is vandalized or broken into, you will have to pay for repairs yourself. With a full coverage policy, the insurance company would pay for those repairs.
Cheapest full coverage car insurance in Memphis: State Farm
State Farm has the cheapest full coverage car insurance in Memphis. Its full coverage policies cost $86 per month, on average. That's 41% less than the average rate in Memphis.
The second most affordable company is Erie, which costs an average of $137 per month for full coverage.
Company | Monthly rate |
|---|---|
| State Farm | $86 |
| Erie | $137 |
| Geico | $144 |
| Travelers | $159 |
| Farm Bureau | $170 |
USAA is only available to current and former military members and their families.
State Farm is not only the cheapest insurance company in Memphis, but it also has the cheapest car insurance in Tennessee.
In Memphis, it costs an average of $146 per month, or $1,755 per year, for a full coverage car insurance policy.
Full coverage car insurance includes comprehensive and collision coverages, as well as liability limits that are higher than the legal minimums.
Collision
Covers repairs to your car when you cause a car accident, hit an object or have other driving-related damage.
Comprehensive
Covers repairs to your car from nonaccident damage from events such as theft, vandalism or a fallen tree.
Cheapest car insurance for drivers with prior incidents
State Farm is the cheapest car insurance company in Memphis if you have a speeding ticket, car accident or DUI. Car insurance costs more if you don't have a clean driving record. Because State Farm has such low rates before a ticket, it's still the best deal in Memphis even after you get a ticket.
Cheapest car insurance in Memphis after an accident: State Farm
State Farm is the cheapest car insurance company in Memphis if you caused a car accident. State Farm's rates average $102 per month for full coverage. That's about half the average cost in Memphis.
The second-cheapest company is Farm Bureau, which costs an average of $170 per month after an at-fault accident.
Company | Monthly rate |
|---|---|
| State Farm | $102 |
| Farm Bureau | $170 |
| Erie | $177 |
| Travelers | $228 |
| Geico | $269 |
USAA is only available to current and former military members and their families.
In Memphis, the cost of car insurance goes up by 43% after you cause a car accident, to $209 per month.
Because rates increase so much after a car accident, it's worth it to compare quotes from several companies to find which one offers the best deal for you.
Cheapest car insurance for drivers with a speeding ticket: State Farm
State Farm is the cheapest car insurance company in Memphis if you've had a speeding ticket.
State Farm's quotes average $94 per month for full coverage after a speeding ticket. That's about 45% cheaper than the average in Memphis.
Erie is the second cheapest company, with an average cost of $142 per month.
Company | Monthly rate |
|---|---|
| State Farm | $94 |
| Erie | $142 |
| Geico | $168 |
| Farm Bureau | $170 |
| Travelers | $206 |
USAA is only available to current and former military members and their families.
After a speeding ticket, your car insurance rates in Memphis will go up by an average of 16%, to $169 per month. Car insurance companies see a speeding ticket as evidence of risky behavior. They charge you higher rates because risky drivers are more likely to get into an accident or file a claim.
Cheapest car insurance for drivers with a DUI: State Farm
State Farm has the best rates for full coverage in Memphis after a DUI.
Its policies cost an average of $94 per month, which is only 9% higher than State Farm's cost for drivers with a clean driving record.
Company | Monthly rate |
|---|---|
| State Farm | $94 |
| Erie | $213 |
| Progressive | $216 |
| Travelers | $239 |
| Geico | $271 |
USAA is only available to current and former military members and their families.
After a DUI, a driver in Memphis will pay an average of $217 per month for car insurance. That's 49% more than a driver with a clean record pays.
Cheapest car insurance for drivers with poor credit: Farm Bureau
Farm Bureau is the cheapest car insurance company in Memphis if you have poor credit. Its quotes average $197 per month for full coverage.
Farm Bureau's rates are 25% cheaper than Memphis' average rate of $263 per month for drivers with poor credit.
Company | Monthly rate |
|---|---|
| Farm Bureau | $197 |
| Geico | $221 |
| State Farm | $271 |
| Travelers | $286 |
| Erie | $315 |
USAA is only available to current and former military members and their families.
On average, in Memphis, having poor credit means you'll pay about 79% more than those with good credit. However, it varies widely between companies.
In Memphis, Farm Bureau's prices only increase by an average of 16% between drivers with good credit and poor credit. However, State Farm can cost more than twice as much for drivers with poor credit.
Best car insurance companies in Memphis
State Farm is the best car insurance company in Memphis because of its combination of high ratings and cheap prices.
State Farm has good customer service reviews, strong customer satisfaction and superior financial strength, meaning it has the resources to pay its claims.
Best car insurance companies in Memphis
Company |
Editor's rating
|
|---|---|
| State Farm | |
| USAA | |
| Erie | |
| Farm Bureau | |
| Geico |
USAA is also a top-rated company with high customer satisfaction. It's a great choice if you're eligible for a policy because you are a member of the military, a veteran or their family member.
Erie is another good insurance company in Memphis. Even though its rates in Memphis are not usually as low as State Farm's, it stands out for its great customer service.
Average car insurance cost in Memphis by neighborhood
Car insurance rates are cheap in Memphis' outer suburbs including Lenow and Bartlett. Rates are most expensive in Frayser and Oakville.
The neighborhood you live in can have a notable impact on your insurance rates. Factors such as crime and traffic often impact prices.
In Memphis, average rates for full coverage differ by $217 per year from the most expensive ZIP code to the cheapest.
ZIP code | Average monthly cost | % from average |
|---|---|---|
| 38016 | $137 | -6% |
| 38018 | $138 | -6% |
| 38103 | $142 | -3% |
| 38104 | $146 | 0% |
| 38105 | $145 | -1% |
Car insurance costs an average of $134 per month in the cheapest neighborhoods of Memphis. However, that's still higher than the average cost in Nashville, which is $121 per month.
Frequently asked questions
How much is car insurance in Memphis?
The average cost of car insurance in Memphis is $54 per month, or $642 per year, for a minimum coverage policy. For full coverage car insurance, the average cost in Memphis is $146 per month, or $1,755 per year.
What's the cheapest car insurance in Memphis?
The cheapest car insurance company in Memphis is State Farm, which costs an average of $35 per month for minimum coverage and $86 per month for full coverage. These rates are more than 30% cheaper than average.
How much car insurance do I need in Memphis?
Tennessee's car insurance requirements are that you have a 25/50/25 policy. That means drivers in Memphis need $25,000 for bodily injury liability per person and $50,000 per accident, as well as $25,000 of coverage for property damage. You can also qualify for an exemption by showing you can pay for any damage you cause.
Methodology
ValuePenguin collected thousands of quotes from the largest insurers in Tennessee for a 30-year-old man with a good credit score who drives a 2015 Honda Civic EX and lives in Memphis, Tenn.
Unless otherwise noted, rates are for a full coverage policy with liability, collision and comprehensive coverage.
Coverage | Limit |
|---|---|
| Bodily injury liability | $50,000 per person/$100,000 per accident |
| Property damage liability | $25,000 per accident |
| Uninsured/underinsured motorist bodily injury | $50,000 per person/$100,000 per accident |
| Comprehensive and collision | $500 deductible |